The Dutch tax authorities informed HollandBio (the interest group of biotech companies in the Netherlands) about the Dutch VAT treatment of Advanced Therapy Medicinal Products (ATMPs), such as cell and gene therapy and tissue engineered products. According to the Dutch tax authorities, Advanced Therapy Medicinal Products (ATMPs) qualify as medicines, which means that these products are subject to the reduced Dutch VAT rate of 9%. This is in line with European regulations, where ATMPs are regarded as medical products.
Changes to the mandatory business-to-business (B2B) electronic invoicing (“e-invoicing”) rules for transactions carried out with foreign business partners (i.e., taxpayers that are not resident or established in Italy and that do not have an Italian VAT number) will be effective as from 1 January 2022. Thus, Esterometro will be abolished and, consequently, all cross-border invoices (export, import, intra-community, etc.) will have to be sent to SDI on a transactional basis (i.e. the scope of mandatory e-invoicing will be extended).
A new reporting obligation will be implemented in Romania as of 2022 (i.e. the Standard Audit File for Tax („SAF-T”)). The obligation will arise for large taxpayers as of January 2022. In this respect, taxpayers should have the ERP ready for the SAF-T reporting in terms of ensuring the existence of the mandatory elements to be reported on the format requested by the tax authority as well as insert the potential missing data.
For further information or in case of any questions please contact Andreea Dereli, firstname.lastname@example.org.
HMRC has published a Revenue and Customs brief on 1st July confirming that businesses have been given a further 6 months to submit a valid certificate of status for the prescribed year 1 July 2019 to 30 June 2020.
About the event
The praxis has shown that complex business structures, international trade and cross-border transactions entail significant challenges for most companies independent of the company size.
In order to stay compliant and minimize any VAT risks, it is important to keep track of all the relevant company processes, supply chains, etc. These challenges and developments are going hand in hand with efficient use of resources and finding efficient and pragmatic solutions in line with legislations in different countries.Read More »
It’s time again for the biennial edition of the PwC VAT Conference. This year we are meeting virtually on two mornings. The conference will be focusing on the recent and upcoming changes in the sphere of VAT.
The Guide to the VAT One Stop Shop providing practical details concerning registration, VAT returns and VAT payments is now available in https://ec.europa.eu/taxation_customs/business/vat/ressources_en
On March 18th, the Court of Justice of the European Union issued a judgment concerning the compliance with the VAT Directive of Polish regulations which, in certain situations, impose recognition of output and input VAT under ICA and importation of services in settlements for other periods, which in practice leads to ICA and importation of services losing their neutrality status for the taxpayer. Such settlement is connected with the necessity of paying irrecoverable penalty interest on tax arrears.
In the judgment C-895/19 the Court indicated that the Polish provisions of the VAT Act are not compliant with the VAT Directive.
The UK EU Trade and Cooperation Agreement (TCA) eliminates all customs duties on goods which originate in the UK or EU – representing the most extensive trade agreement on tariffs the EU has ever made.
Businesses established in Northern Ireland who incur VAT on goods in the EU, and EU businesses who incur VAT on goods in Northern Ireland, will be able to recover this VAT through the electronic cross-border refund system. This enables a business to recover that VAT directly from that country (the UK or EU member state of refund) provided that it is not established in the country of refund and makes no supplies there.